Item 4 - Low-Income Prop Tx Ex. - Laserfiche WebLink

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METRO APPLE ORCHARD APARTMENTS LAND GRANT AGREEMENT BETWEEN: The City of Eugene, a unit of local government of the state of Oregon (City) AND: Metropolitan Affordable Housing Corporation, Inc. a nonprofit corporation in the State of Oregon (Metro) AND: Neighborhood Economic Development Corporation a nonprofit corporation in the State of Oregon (NEDCO) CONTRACT NO.: 2004-02097 RECITALS A. In response to a Request for Proposals for Low-Income Rental Housing Projects (RFP), Metro submitted a proposal to the City for acquisition and construction of the Apple Orchard 40-unit rental housing complex for Iow- and very-low income families and single individuals (Project). The Metro proposal included a companion proposal from NEDCO. The NEDCO proposal request involved partitioning off two of the existing houses on the Apple Orchard property from the main development site, rehabilitating those houses and offering them as lease-to-own homeownership single family units for Iow-income families. City contract #2004-02072 between the City, Metro and NEDCO defines the participation and responsibilities of the parties in the development project. B. Metro held the option with the seller and purchased the Apple Orchard property (Property), 2.51 acres of primarily vacant property, located along Lone Oak Way and Edgewood Drive in Santa Clara, more particularly described in Exhibit B for $250,000. City provided $235,000 in federal Community Development Block Grant (CDBG) funds toward the $250,000 purchase price of the Property. NEDCO provided the remaining $15,000. The site included four existing houses, 175, 185, 200, and 220 Edgewood Drive, Eugene, Oregon. Following closing, Metro subsequently transferred ownership of the Property to City. C. City is the current owner of the Apple Orchard Property. The demolition of two existing housing units,175 and 185 Edgewood Drive, has been completed. The two remaining houses 200 and 220 Edgewood Drive are vacant and former tenants have received appropriate relocation benefits. City was to transfer ownership of the Metro portion of this housing development site when Metro was ready to start construction and the partition process was complete. The NEDCO lots were to be transferred following completion of the partition process. D. Due to an early award of State tax credit funding for their Apple Orchard Apartments housing development project, Metro is required to start construction immediately on the development of the affordable housing project at the Apple Orchard site to be in compliance with tax credit regulations. Metro can begin construction on the site following transfer of ownership of the Property from City back to Metro. City desires that the Property be used for the Project and Metro Apple Orchard Apartments Land Grant Agreement - 1